FNBO Direct Review: Pros, Cons, And Alternatives

FNBO Direct is the online-one bank division of First National Bank of Omaha. Anyone can open a checking or savings account with them right from their laptop or mobile device. And both types of accounts come with interest rates that are far above the national average

Like other online banks, FNBO Direct has done away with many of the pain points that are common with full-service banks like account fees and minimum balance requirements. And while they do offer a vast fee-free ATM network, they also do a great of leveraging digital payment options with their PopMoney® service and integration with the most popular digital wallets.

However, with no local branches available, FNBO Direct won't be a good fit if in-person banking options are important to you. Learn more about what they have to offer in our full review.

Who Is FNBO Direct?

FNBO Direct is the online-only arm of First National Bank of Omaha, which is based in Omaha, NE. FNBO has been around for more than 160 years. They have locations in seven states. The bank has $23 billion in assets. FNBO Direct is not a full-service bank and focuses on deposit accounts, credit cards, and student loan refinancing.

What Do They Offer?

While FNBO Direct offers several products, we’ll focus on their deposit products (savings and checking). Note that the rates listed below do not require certain balances. You’ll receive the rate as soon as you open an account.

Savings Account

FNBO Direct's Online Savings Account has a 3.00% APY with no monthly fees. It requires only a $1.00 deposit to open and there are no minimum monthly requirements. You can do ACH transfers to/from external banks and use Popmoney® for sending and receiving money from other people.

Popmoney® is a person-to-person payment method that's very similar to Cash App, Venmo, or Zelle. Instead of writing a check, you can send money using someone’s email address. When you receive Popmoney®, it will go directly into your FBNO Direct account.

Digital payment methods are also part of the account. These include Apple Pay™, Samsung Pay, and Visa Secure Remote Commerce (Visa SRC). You can also receive direct deposits.

Related: See All The Best High-Yield Savings Accounts Available Today

Checking Account

The Online Checking Account is one of the few checking accounts that pays interest. As of writing, the account pays 0.15% APY.

It also comes with no monthly fees. BillPay, account alerts, PopMoney®, free incoming wires, and free stop payments are all included.

You’ll have 24/7 worldwide access to over 2 million ATM locations. FBNO Direct does not charge ATM fees themselves. But other banks and ATM operators may charge their own fees. 

Related: Our Complete List of the Top Free Checking Accounts

Online Banking And Mobile App

Both financial products include online banking. With online banking, you’ll be able to:

• Check account balances
• Transfer funds
• View statements
• Pay bills
• Set up automatic payments
• Download account information and activity into Quicken® or QuickBooks®

FBNO Direct has mobile apps for the Apple App Store and Google Play. 

With the mobile app, you can deposit checks by snapping a photo, pay bills, transfer funds, and view your account balance and history. The iOS app has a 3.1 out of 5 rating from 20 people. The Android app has a 4.1 out of 5 rating from 69 people.

Overdraft Fees

While FNBO Direct says it has no fees, this really means no monthly fees. Overdrafts are $33 per transaction, with up to four maximum per day. One overdraft fee is waived per year. You have to opt in to overdraft protection.

\You might be wondering, “What overdraft protection?” since you are still being charged high fees. But that's how FNBO Direct chooses to structure its overdraft protection. However, if you don’t opt-in, any overdrafts will fail and you'll avoid incurring any fees.

Are There Any Fees?

There are absolutely no monthly fees with FNBO Direct's checking and savings accounts, which is great news. But, as outlined above, if you choose to opt-in to overdraft protection, you will pay overdraft fees of $33 per overdraft. There's also a $15 fee for outgoing wire transfers.

How Do I Open An Account?

Since FNBO Direct is an online-only bank, there is no way to open an account in person at a local branch. Accounts are opened completely online. You can start your online application here.

Is My Money Safe?

Yes - FBNO Direct is FDIC-insured, which means your account is protected for up to $250,000 in deposits (per depositor). Learn more about how to insure excess bank deposits above the FDIC limit.

How Does FNBO Compare?

FNBO is a great option for online savings - it's usually paying out a higher APY than most accounts, but it's rarely the best.

See how it compares to other high yield savings accounts. Or check out this quick comparison:

How Do I Contact FNBO Direct?

You’ll have 24/7 access to customer service with FBNO Direct. They can be reached at 877-370-3707. Or can send them an email or regular mail at the following address:

FNBO Direct
P.O. Box 3707
Omaha, NE 68103-0707

First National Bank of Omaha (FNBO) only has two reviews right now on Trustpilot. However, it is an accredited business with the Better Business Bureau and has an A+ BBB rating.

Is It Worth It?

FBNO Direct is a no-fee online-only bank that has competitive checking and savings account rates. There are no minimum daily balances that must be maintained. It also has a large ATM network. If you are fine using a bank without branches, FBNO Direct could be a great choice. 

Just be careful not to overdraft your account. Or, you choose to not opt into the bank’s overdraft protection and avoid fees (but of course, any overdrafts will fail). And be sure to compare FNBO Direct's rates and features with the other top online banks available today.

FNBO Direct FAQs

Here are a few of the most common questions that we hear about FNBO Direct.

Does FNBO Direct support Zelle?

Yes, even though FNBO widely advertises its own PopMoney® service, customers can send or receive money for free using the Zelle website or mobile app as well.

Does FNBO Direct support digital wallets?

Yes, your FNBO Direct credit card can be added to Apple Pay, Google Pay, and Samsung Pay.

Can you earn cash back with FNBO Direct?

Not on debit card purchases. But if you link an FNBO Direct Online Savings Account or Checking Account to the FNBO Direct ExtraEarnings® Visa® Credit Card, you'll earn 2 points for every $1 in qualifying purchase.

Are there any signup bonuses with FNBO Direct?

No, FNBO Direct isn't currently offering any new customer bonuses on its banking or credit card products.

FNBO Direct Features